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House Price Market Update for May 2010

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May's property market looks like we are heading into a more stabilised market for the rest of 2010, so sellers need to sell this summer, or are likely to have to drop prices by September if not sold. Sellers are either pricing their properties fairly from the start and selling within eight weeks, or they are over pricing them and then sitting on the market for weeks on end.

Currently, there is a real danger that media 'stories' suggesting property prices are on the up (which are just verbatum reports from press releases from the likes of Nationwide, Halifax etc) are causing optimistic asking prices by sellers. BE WARNED, sellers that over price will sit on the market for months. In this market, opt for the auction model - price low, get buyers to compete for your property to get the highest price!  

For a more indepth analysis of what's happening to property prices in YOUR local area?
READ MORE

The outlook for 2010 will depend on whether buyers have run out of cash and interest rates go up forcing repossession. READ MORE for a summary of Kate's price predictions for 2010.

Performance and commentary since January 2009:-

Jan 10Feb 10Mar 10Apr 10         
Jan 09Feb 09Mar 09Apr 09May 09Jun 09Jul 09Aug 09Sep 09Oct 09Nov 09Dec 09

Click here to see our latest buying/selling articles

Headline Statistics for May 2010

Headline Statistics

Statistics

+/-

Source

Month

Average Prices

£165,596 to £237,134

+8.5% to +4.3% YoY

Rightmove Highest
Land Registry Lowest

April/May data

Transactions*

53,137*

+65.59% YoY

Land Registry

Nov to Feb 10

Time to Sell

8.3 Weeks

No change from last two months

Hometrack

May
Number of viewings to sale11No change from last couple of months

Hometrack

May

Offer to Market Price

94.2%

Slight increase on last month

Hometrack

May

% change in new buyers registering with agents

0.5%

A decrease on previous two months

Hometrack

May

No of houses sold by agents8

No change from last two months

NAEAMay
% sold to for sale boards30.9%An increase on last month

For Sale Sign Anaylsis

May

Number of new mortgages49,871Slightly up on last monthBank of EnglandApril

*  Per month

Sold versus For Sale Sign Boards data*


Month 2010

Jan

Feb

Mar

Apr

May

Percentage
Sold

26%

26.4%

25.4%

26.5%

30.9%

Month 2009

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Percentage
Sold

16%

12%

17%

19.5%

21.1%

28.3%

29.5%

30.2%

36.3%

27.3%

31%

34%

26.7%


*Data provided by FSSA, for more information on this data, Contact us

Links to useful Buying and Selling Reports

Price Indices
There are at least seven property indices and other companies that comment on the property market, please checkout the links below:-

Rightmove    Halifax    Nationwide   RICS 
Communities    Financial Times    Land Registry

Other Useful Resources
Hometrack    NAEA    RICS    Savills    Knight Frank

Download Savills Residential Property Focus

For more market commentary on a national or local level:-
Contact Kate Faulkner on 07974 750562 or 0845 838 1763. To read more about Kate, please visit ABOUT US, see Kate on video and for media appearances, contact:

Sylvia Tidy-Harris
STH Management                    
Tel  +44 (0) 1530 263221
Mob  +44 (0) 7970 646872
Fax: +44 (0) 1530 264018

Free Property Articles

  House Property Prices - Is the media causing optimistic asking prices?
 
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